SPACs Have Already Topped 2020’s Record Year, With $89 Billion Raised

The Year of the SPAC? It looks to be that way already. Only three months into 2021, blank check companies have surpassed the record-setting amount of money raised last year. So far this year, SPACs have raised $89.2 billion, according to blank-check tracking firm SPAC Research. Even if another dollar isn’t raised in 2021, that’s still 7% more than the $83.4 billion SPACs raised last year. There have also been a record number of blank check companies that went public this year — 275, compared to the 248 IPOs the industry saw in 2020. SPACs have become an increasingly popular way for celebrities and Hollywood power players to raise funds and target companies for acquisition. Just last week, Forest Road Acquisition Corp. II, the latest SPAC spearheaded by former Disney streaming boss Kevin Mayer and ex-Disney COO Tom Staggs, raised $350 million during its initial public offering. The venture is the second tech and media-focused SPAC led by Mayer and Staggs, after Forest Road Acquisition Corp. I raised $300 million when it debuted in February. NBA legend Shaquille O’Neal is serving as a special advisor for both SPACs. Other names jumping into the SPAC space include pop star Ciara, ex-Netflix VP Cindy Holland, ex-Hulu CEO Randy Freer, producer Peter Guber and former Yankees slugger Alex Rodriguez. You can check out TheWrap’s list of the top 10 tech and entertainment SPACs to keep an eye on by clicking here.